Prosecutor: Former Affordable Housing Alliance Employee Pleads Guilty to $400K Theft

A former Neptune Affordable Housing Alliance director of administration has pleaded guilty to pilfering more than $400,000 from the organization, Monmouth County Prosecutor Christopher J. Gramiccioni announced.

Debra Agresti, 57, of Long Branch, pleaded guilty to second-degree theft on Friday, Jan. 17. Agresti admitted that she made unauthorized purchases of numerous gift cards to pay for personal expenses and to obtain various good and services from multiple vendors.

An investigation revealed that between August of 2012 and March 2019, Agresti purchased gift cards with the agency’s credit card. In order to conceal her misuse of the credit card, Agresti intercepted the monthly credit card statements and created false invoices that matched the amounts she spent on the gift cards, and altered the invoices to reflect the purchase of ordinary office supplies. It was determined that the amount stolen by the defendant totaled $449,014.22. Agresti acted as the lone conspirator in the scheme.

The Affordable Housing Alliance’s insurance company has covered the loss. In order to pursue restitution from Agresti, the insurer must seek its own civil remedy.

Debra Agresti was originally hired by the Affordable Housing Alliance as an administrative assistant in 2007. She was eventually promoted to director of administration.

Agresti faces up to five years in New Jersey state prison when she returns to Monmouth County Superior Court for sentencing on March 27.

— Edited press release from the Monmouth County Prosecutor’s Office